Exhibit 99.2

TABLE OF CONTENTS
	Page
Corporate Profile	1
Fourth Quarter 2022 Earnings Release	2
Financial Results
Consolidated Balance Sheets	7
Consolidated Statements of Operations and Comprehensive Income	9
Consolidated Statements of Cash Flows	12
Reconciliation of Non-GAAP Measures	14
Same Store Property Analysis	17
Other Financial Information	19
Market Capitalization and Selected Ratios	20
Summary of Outstanding Debt and Debt Maturities	22
Summary of Occupancy and Top Tenants	23
Tenant Type Summary	26
Summary of Leasing Activity	27
Lease Expirations	30
Property Details	31

CORPORATE PROFILE

NYSE: WSR Common Shares 57 Community Centers 5.1 million sq. ft. of gross leasable area 1,477 tenants 6 Top Growth Markets Austin Chicago Dallas-Fort Worth Houston Phoenix San Antonio Fiscal Year End 12/31 Common Shares & Units Outstanding*: Common Shares: 49.4 million Operating Partnership Units: 0.7 million

Whitestone REIT (NYSE: WSR) is a community-centered shopping center REIT that acquires, owns, manages, develops and redevelops high-quality open-air neighborhood centers primarily in the largest, fastest-growing and high-household-income markets in the Sunbelt.  Whitestone creates communities that thrive through creating local connections between consumers in the surrounding communities and a well-crafted mix of national, regional and local tenants that provide daily necessities, needed services, entertainment and experiences. Whitestone has consistently paid a monthly dividend for more than 15 years.  The Company’s balanced and well-managed capital structure provides stability and flexibility to support it through a multitude of economic cycles.  We invest in properties that are or can become Community Centered Properties® from which our tenants deliver needed services to the surrounding population. We focus on properties with smaller rental spaces that present opportunities for attractive returns. Our strategic efforts target entrepreneurial, service-oriented tenants at each property who provide services to their respective surrounding communities. Operations include an internal management structure providing cost-effective services to locally-oriented, smaller space tenants. Multi-cultural community focus sets us apart from traditional commercial real estate operators. We value diversity on our team and maintain in-house leasing, property management, marketing, construction, and maintenance departments with culturally diverse and multi-lingual associates who understand the particular needs of our tenants and neighborhoods. We have a diverse tenant base concentrated on service offerings such as specialty retail, grocery, restaurants, medical, educational and financial services, and entertainment. These tenants tend to occupy smaller spaces (less than 10,000 square feet) and, as of December 31, 2022, provided a 85% premium rental rate compared to our larger space tenants. The largest of our 1,477 tenants at our wholly owned properties accounted for 2.2% of our revenues for the three months ended December 31, 2022, and no single tenant exceeded 2.2%.

Distribution (per share / unit)*:
Quarter: $ 0.12	Investor Relations:
Annualized: $ 0.48	Whitestone REIT
Dividend Yield: 5.10%**	David Mordy
	Director, Investor Relations
	2600 South Gessner, Suite 500, Houston, Texas 77063
Board of Trustees:	713.435.2219 email: ir@whitestonereit.com
David F. Taylor	website: www.whitestonereit.com
Nandita V. Berry
Amy S. Feng	Analyst Coverage:
David K. Holeman	B. Riley FBR	Colliers	EF Hutton	JMP Securities
Jeffrey A. Jones	Craig Kucera	David Toti	Gaurav Mehta, CFA	Mitchell Germain
Paul T. Lambert	540.277.3366	917.903.9407	212.970.5261	212.906.3537
	ckucera@brileyfbr.com	david.toti@colliers.com	gmehta@efhuttongroup.com	mgermain@jmpsecurities.com
	Maxim Group	Truist Securities
	Michael Diana	Anthony Hau
* As of February 27, 2023	212.895.3641	212.303.4176
** Based on common share price	mdiana@maximgrp.com	anthony.hau@truist.com
of $9.49 as of close of market on
February 27, 2023.
	We are followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding our performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of our management. We do not by our reference above or distribution imply our endorsement of or concurrence with such information, conclusions or recommendations.

1

WHITESTONE REIT

REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS

Houston, Texas, February 28, 2023 - Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced its operating and financial results for the fourth quarter and full year of 2022. Whitestone creates neighborhood center communities in its high-quality open-air shopping centers that it acquires, owns, manages, develops, and redevelops primarily in the largest, fastest-growing, high-household-income markets in the Sunbelt.

“2022 was an outstanding year of achievement for Whitestone.  We grew occupancy by 240 basis points to a record 93.7%.  Same store NOI was up 7.9%. We grew FFO/share by nearly 20% and reduced our debt/EBITDAre by 1.3x, down to 7.8x. We amended and extended our credit facility and subsequently received an investment grade credit rating. Our tenants and our centers continue to thrive and we are eager to build on this momentum in 2023. We remain focused on maximizing shareholder value through disciplined organic growth, prudent capital allocation, balance sheet strengthening and judicious expense management.” 

–    Dave Holeman, Chief Executive Officer

Fourth Quarter 2022 Operating and Financial Results

All per share amounts are on a diluted per common share and operating partnership (“OP”) unit basis unless stated otherwise.

Reconciliations of Net Income Attributable to Whitestone REIT to FFO, NOI and EBITDAre are included herein.

• Revenues of $34.9 million versus $33.3 million for the fourth quarter of 2021.

• Net Income attributable to common shareholders of $19.9 million, or $0.40 per diluted share, versus $2.6 million, or $0.05 per diluted share for the fourth quarter of 2021.

• Funds from Operations (“FFO”) per diluted share of $0.23 versus $0.21 for the fourth quarter of 2021.

• EBITDAre of $20.3 million versus $17.0 million for the fourth quarter of 2021.

• Same-Store Net Operating Income (“NOI”) grew 7.1% to $23.4 million versus $21.8 million for the fourth quarter of 2021.

• Net Effective Annual Base Rental Revenue per leased square foot was up 4.3% to $21.99, compared to the prior year quarter.

Full Year 2022 Operating and Financial Results

All per share amounts are on a diluted per common share and operating partnership (“OP”) unit basis unless stated otherwise.

• Revenues of $139.4 million versus $125.4 million for 2021.

• Net income attributable to common shareholders of $35.3 million, or $0.71 per diluted share, versus $12.0 million, or $0.26 per diluted share for 2021.

• Funds from Operations (“FFO”) per diluted share of $1.03 versus $0.86 for 2021.

• EBITDAre of $80.8 million versus $66.6 million for 2021.

• Same-Store Net Operating Income (“NOI”) grew 7.9% to $86.7 million versus $80.4 million for 2021.

Operating Results

For the three month periods ending December 31, 2022 and 2021 the Company’s operating highlights were as follows:

	Fourth Quarter 2022	Fourth Quarter 2021
Occupancy:
Wholly Owned Properties – All	93.7%	91.3%
>10,000 Sq Ft Occupancy	98.0%	95.5%
≤ 10,000 Sq Ft Occupancy	91.2%	88.9%
Same Store Property Net Operating Income Change (1)	7.1%	12.8%
Rental Rate Growth - Total (GAAP Basis):	23.5%	14.9%
New Leases	24.3%	11.2%
Renewal Leases	23.2%	15.7%
Leasing Transactions:
Number of New Leases	22	46
New Leases - Lease Term Revenue (millions)	$27.5	$17.5
Number of Renewal Leases	38	65
Renewal Leases - Lease Term Revenue (millions)	$9.7	$20.7

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Balance Sheet and Debt Metrics

• As of December 31, 2022, Whitestone had total debt of$626.0million, along with capacity and availability of $146.4 million each under its $250 million revolving credit facility.

• As of December 31, 2022, the Company has undepreciated real estate assets of $1.2 billion.

Dividend

On December 15, 2022, the Company declared a quarterly cash distribution of $0.12 per common share and OP unit for the first quarter of 2023, to be paid in three equal installments of $0.04 in January, February and March of 2023. The fourth quarter dividend represents an 11.6% increase from the fourth quarter of 2021.

2023 Full Year Guidance

The Company currently estimates that U.S. generally accepted accounting principles (“GAAP”) net income available to common shareholders will be within the range of $0.29 to $0.33 per diluted share, and FFO will be within the range of $0.95 to $0.99 per diluted share and OP Unit.

	Initial 2023 Guidance	2022 Actual
	(unaudited, amounts in thousands except per share and percentages)
Net income attributable to Whitestone REIT	$14,400 - $16,500	$35,270
FFO (1)	$48,300 - $50,400	$52,193
Net income attributable to Whitestone REIT per share	$0.29 - $0.33	$0.71
FFO per diluted share and OP Unit (1)	$0.95 - $0.99	$1.03
Key Drivers:
Same store net operating income growth (2)	2.5% – 4.5%	7.9%
Bad debt as a percentage of revenue	0.75% – 1.50%	0.83%
General and administrative expense	$19,200 - $19,700	$18,066(4)
Interest expense	$31,700 - $33,200	$27,193
Ending occupancy	93.5% - 94.5%	93.7%
Net Debt to EBITDAre Ratio (3)	7.3X - 6.9X	7.7X

⁽¹⁾ For the reconciliation of forward-looking non-GAAP financial measure to the comparable GAAP financial measure, see the "FFO per diluted share and OP unit" reconciliation table.

⁽²⁾ Excludes straight-line rent, amortization of above/below market rates and lease termination fees for both periods.

⁽³⁾ Fourth quarter annualized EBITDAre.

(4) Includes $2.2 million of reduced expenses from stock forfeitures related to the termination of former executives.

Portfolio Statistics

As of December 31, 2022, Whitestone wholly owned 57 Community-Centered Properties™ with 5.1 million square feet of gross leasable area ("GLA"). Five of the 57 Community-Centered Properties™ are land parcels held for future development. The portfolio is comprised of 31 properties in Texas, 25 in Arizona and 1 in Illinois. Whitestone’s Community-Centered Properties^TM are located in the MSA's of Austin (5), Chicago (1), Dallas-Fort Worth (9), Houston (14), Phoenix (25), and San Antonio (3). The Company’s properties in these markets are generally in high-traffic locations, surrounded by high-household-income communities. The Company also owns an 81.4% equity interest in eight properties containing 0.9 million square feet of GLA through its investment in Pillarstone OP.

3

At the end of the fourth quarter, the Company’s diversified tenant base was comprised of 1,477 tenants, with the largest tenant accounting for only 2.2% of annualized base rental revenues. No single tenant exceeded 2.2% of total revenues. Lease terms range from less than one year for smaller tenants to more than 15 years for larger tenants. Whitestone’s leases generally include minimum monthly lease payments and tenant reimbursements for payment of taxes, insurance and maintenance, and typically exclude restrictive lease clauses.

Conference Call Information

In conjunction with the issuance of its financial results, the Company invites you to listen to its earnings release conference call to be broadcast live on Wednesday, March 1, 2023, at 8:00 A.M Eastern Time / 7:00 A.M. Central Time. The call will be led by Dave Holeman, Chief Executive Officer. Conference call access information is as follows:

To listen to a webcast of the conference call, click on the Investor Relations tab of the Company’s website, www.whitestonereit.com, and then click on the webcast link. A replay of the call will be available on Whitestone’s website via the webcast link until the Company’s next earnings release. Additional information about Whitestone can be found on the Company’s website.

Dial-in number for domestic participants:	1-877-407-0784
Dial-in number for international participants:	1-201-689-8560

The conference call will be recorded, and a telephone replay will be available through Wednesday, March 15, 2023. Replay access information is as follows:

Replay number for domestic participants:	1-844-512-2921
Replay number for international participants:	1-412-317-6671
Passcode (for all participants):	13734723

Supplemental Financial Information

The fourth quarter earnings release and supplemental data package will be located in the “News and Events” and “Financial Reporting” tabs of the Investor Relations section of the Company’s website at www.whitestonereit.com. The earnings release and supplemental data package will also be available by mail upon request. To receive a copy, please call Investor Relations at (713) 435-2219.

About Whitestone REIT

Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.

Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers), self-care (health and fitness), services (financial and logistics), education and entertainment to the surrounding communities. The Company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. For additional information, please visit www.whitestonereit.com.

4

Forward-Looking Statements

This Report contains forward-looking statements within the meaning of the federal securities laws, including discussion and analysis of our financial condition, pending acquisitions and the impact of such acquisitions on our financial condition and results of operations, anticipated capital expenditures required to complete projects, amounts of anticipated cash distributions to our shareholders in the future and other matters. These forward-looking statements are not historical facts but are the intent, belief or current expectations of our management based on its knowledge and understanding of our business and industry. Forward-looking statements are typically identified by the use of terms such as “may,” “will,” “should,” “potential,” “predicts,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” or the negative of such terms and variations of these words and similar expressions, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

Factors that could cause actual results to differ materially from any forward-looking statements made in this Report include: the imposition of federal income taxes if we fail to qualify as a real estate investment trust (“REIT”) in any taxable year or forego an opportunity to ensure REIT status; uncertainties related to the national economy, the real estate industry in general and in our specific markets; legislative or regulatory changes, including changes to laws governing REITs; adverse economic or real estate developments or conditions in Texas or Arizona, Houston and Phoenix in particular, including the potential impact of COVID-19 on our tenants’ ability to pay their rent, which could result in bad debt allowances or straight-line rent reserve adjustments; inflation and increases in interest rates, operating costs or general and administrative expenses; availability and terms of capital and financing, both to fund our operations and to refinance our indebtedness as it matures; decreases in rental rates or increases in vacancy rates; litigation risks; lease-up risks, including leasing risks arising from exclusivity and consent provisions in leases with significant tenants; our inability to renew tenant leases or obtain new tenant leases upon the expiration of existing leases; our inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine; the need to fund tenant improvements or other capital expenditures out of operating cash flow; and the risk that we are unable to raise capital for working capital, acquisitions or other uses on attractive terms or at all and other factors detailed in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents the Company files with the Securities and Exchange Commission from time to time.

Non-GAAP Financial Measures

This release contains supplemental financial measures that are not calculated pursuant to U.S. generally accepted accounting principles (“GAAP”) including EBITDAre, FFO, NOI and net debt. Following are explanations and reconciliations of these metrics to their most comparable GAAP metric.

EBITDAre: The National Association of Real Estate Investment Trusts (“NAREIT”) defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense, depreciation and amortization and impairment write-downs of depreciable property and of investments in unconsolidated affiliates caused by a decrease in value of depreciable property in the affiliate, plus or minus losses and gains on the disposition of depreciable property, including losses/gains on change in control and adjustments to reflect the entity’s share of EBITDAre of the unconsolidated affiliates and consolidated affiliates with non-controlling interests. The Company calculates EBITDAre in a manner consistent with the NAREIT definition. Management believes that EBITDAre represents a supplemental non-GAAP performance measure that provides investors with a relevant basis for comparing REITs. There can be no assurance the EBITDAre as presented by the Company is comparable to similarly titled measures of other REITs. EBITDAre should not be considered as an alternative to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. EBITDAre does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.

5

FFO: Funds From Operations: The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We calculate FFO in a manner consistent with the NAREIT definition and also include adjustments for our unconsolidated real estate partnership.

Normalized Funds from Operations (“Normalized FFO”) is a non-GAAP measure. We define Normalized FFO as FFO excluding extinguishment of debt costs.

Management uses FFO and Normalized FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income (loss) alone as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Because real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that use historical cost accounting is insufficient by itself. In addition, securities analysts, investors and other interested parties use FFO and Normalized FFO as the primary metric for comparing the relative performance of equity REITs. FFO and Normalized FFO should not be considered as an alternative to net income or other measurements under GAAP, as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO and Normalized FFO does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness. Although our calculation of FFO is consistent with that of NAREIT, there can be no assurance that FFO and Normalized FFO presented by us is comparable to similarly titled measures of other REITs.

NOI: Net Operating Income: Management believes that NOI is a useful measure of our property operating performance. We define NOI as operating revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes). Other REITs may use different methodologies for calculating NOI and, accordingly, our NOI may not be comparable to other REITs. Because NOI excludes general and administrative expenses, depreciation and amortization, equity or deficit in earnings of real estate partnership, interest expense, interest, dividend and other investment income, provision for income taxes, gain on sale of property from discontinued operations, management fee (net of related expenses) and gain or loss on sale or disposition of assets, and includes NOI of real estate partnership (pro rata) and net income attributable to noncontrolling interest, it provides a performance measure that, when compared year-over-year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not immediately apparent from net income. We use NOI to evaluate our operating performance since NOI allows us to evaluate the impact that factors such as occupancy levels, lease structure, lease rates and tenant base have on our results, margins and returns. In addition, management believes that NOI provides useful information to the investment community about our property and operating performance when compared to other REITs since NOI is generally recognized as a standard measure of property performance in the real estate industry. However, NOI should not be viewed as a measure of our overall financial performance since it does not reflect the level of capital expenditure and leasing costs necessary to maintain the operating performance of our properties, including general and administrative expenses, depreciation and amortization, equity or deficit in earnings of real estate partnership, interest expense, interest, dividend and other investment income, provision for income taxes, gain on sale of property from discontinued operations, management fee (net of related expenses) and gain or loss on sale or disposition of assets.

Same Store NOI: Management believes that Same Store NOI is a useful measure of the Company’s property operating performance because it includes only the properties that have been owned for the entire period being compared, and that it is frequently used by the investment community. Same Store NOI assists in eliminating differences in NOI due to the acquisition or disposition of properties during the period being presented, providing a more consistent measure of the Company’s performance. The Company defines Same Store NOI as operating revenues (rental and other revenues, excluding straight-line rent adjustments, amortization of above/below market rents, and lease termination fees) less property and related expenses (property operation and maintenance and real estate taxes), Non-Same Store NOI, and NOI of our investment in Pillarstone OP (pro rata). We define “Non-Same Stores” as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. Other REITs may use different methodologies for calculating Same Store NOI, and accordingly, the Company's Same Store NOI may not be comparable to that of other REITs.

Net debt: We present net debt, which we define as total debt net of insurance financing less cash plus our proportional share of net debt of real estate partnership, and net debt to pro forma EBITDAre, which we define as net debt divided by EBITDAre because we believe they are helpful as supplemental measures in assessing our ability to service our financing obligations and in evaluating balance sheet leverage against that of other REITs. However, net debt and net debt to pro forma EBITDAre should not be viewed as a stand-alone measure of our overall liquidity and leverage. In addition, our REITs may use different methodologies for calculating net debt and net debt to pro forma EBITDAre, and accordingly our net debt and net debt to pro forma EBITDAre may not be comparable to that of other REITs.

Investor and Media Relations:

David Mordy

Director, Investor Relations

Whitestone REIT

(713) 435-2219

ir@whitestonereit.com

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Whitestone REIT and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	December 31, 2022			December 31, 2021
ASSETS
Real estate assets, at cost
Property	$	1,199,041		$	1,196,919
Accumulated depreciation		(208,286	)		(190,333	)
Total real estate assets		990,755			1,006,586
Investment in real estate partnership		34,826			34,588
Cash and cash equivalents		6,166			15,721
Restricted cash		189			193
Escrows and acquisition deposits		12,827			11,323
Accrued rents and accounts receivable, net of allowance for doubtful accounts (1)		25,570			22,395
Receivable due from related party		1,377			847
Unamortized lease commissions, legal fees and loan costs		12,697			8,442
Prepaid expenses and other assets(2)		7,838			1,995
Finance lease right-of-use assets		10,522			—
Total assets	$	1,102,767		$	1,102,090
LIABILITIES AND EQUITY
Liabilities:
Notes payable	$	625,427		$	642,842
Accounts payable and accrued expenses(3)		36,154			45,777
Payable due to related party		1,561			997
Tenants' security deposits		8,428			8,070
Dividends and distributions payable		6,008			5,366
Finance lease liabilities		735			—
Total liabilities		678,313			703,052
Commitments and contingencies:		—			—
Equity:
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of December 31, 2022 and December 31, 2021		—			—
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 49,422,716 and 49,144,153 issued and outstanding as of December 31, 2022 and December 31, 2021, respectively		49			48
Additional paid-in capital		624,785			623,462
Accumulated deficit		(212,366	)		(223,973	)
Accumulated other comprehensive income (loss)		5,980			(6,754	)
Total Whitestone REIT shareholders' equity		418,448			392,783
Noncontrolling interest in subsidiary		6,006			6,255
Total equity		424,454			399,038
Total liabilities and equity	$	1,102,767		$	1,102,090

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Whitestone REIT and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(in thousands)

	December 31, 2022			December 31, 2021
(1) Accrued rents and accounts receivable, net of allowance for doubtful accounts
Tenant receivables	$	19,236		$	18,410
Accrued rents and other recoveries		22,103			18,681
Allowance for doubtful accounts		(16,230	)		(14,896	)
Other receivables		461			200
Total accrued rents and accounts receivable, net of allowance for doubtful accounts	$	25,570		$	22,395
(2) Operating lease right of use assets (net)	$	124		$	222
(3) Operating lease liabilities	$	129		$	231

8

Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2022			2021			2022			2021
Revenues
Rental(1)	$	34,700		$	32,961		$	138,200		$	123,877
Management, transaction, and other fees		218			297			1,221			1,488
Total revenues		34,918			33,258			139,421			125,365
Operating expenses
Depreciation and amortization		8,046			7,492			31,707			28,950
Operating and maintenance		6,435			6,488			25,688			22,560
Real estate taxes		3,740			3,975			17,607			16,762
General and administrative		5,003			6,589			18,066			22,625
Total operating expenses		23,224			24,544			93,068			90,897
Other expenses (income)
Interest expense		8,082			6,147			27,193			24,564
Gain on sale of properties, net		(16,950	)		—			(16,950	)		(266	)
Loss on disposal of assets, net		180			1			192			90
Interest, dividend and other investment income		(22	)		(13	)		(65	)		(116	)
Total other expenses (income)		(8,710	)		6,135			10,370			24,272
Income before equity investment in real estate partnership and income tax		20,404			2,579			35,983			10,196
Equity in earnings of real estate partnership		(65	)		180			239			609
Provision for income tax		(109	)		(111	)		(422	)		(385	)
Income from continuing operations		20,230			2,648			35,800			10,420
Gain on sale of property from discontinued operations		—			—			—			1,833
Income from discontinued operations		—			—			—			1,833
Net Income		20,230			2,648			35,800			12,253
Less: Net income attributable to noncontrolling interests		291			40			530			205
Net income attributable to Whitestone REIT	$	19,939		$	2,608		$	35,270		$	12,048

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Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands, except per share data)

	Three Months Ended December 31,					Year Ended December 31,
	2022			2021		2022		2021
Basic Earnings Per Share:
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares	$	0.40		$	0.05	$	0.72	$	0.23
Income from discontinued operations attributable to Whitestone REIT		—			—		—		0.03
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	$	0.40		$	0.05	$	0.72	$	0.26
Diluted Earnings Per Share:
Income from continuing operations attributable to Whitestone REIT, excluding amounts attributable to unvested restricted shares	$	0.40		$	0.05	$	0.71	$	0.22
Income from discontinued operations attributable to Whitestone REIT		—			—		—		0.04
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	$	0.40		$	0.05	$	0.71	$	0.26
Weighted average number of common shares outstanding:
Basic		49,384			49,102		49,256		45,486
Diluted		50,126			49,981		49,950		46,336
Consolidated Statements of Comprehensive Income
Net income	$	20,230		$	2,648	$	35,800	$	12,253
Other comprehensive income
Unrealized gain on cash flow hedging activities		(1,698	)		3,020		12,925		7,803
Comprehensive income		18,532			5,668		48,725		20,056
Less: Net income attributable to noncontrolling interests		291			40		530		205
Less: Comprehensive income attributable to noncontrolling interests		(24	)		48		191		130
Comprehensive income attributable to Whitestone REIT	$	18,265		$	5,580	$	48,004	$	19,721

10

Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands)

	Three Months Ended December 31,					Year Ended December 31,
	2022			2021		2022			2021
(1) Rental
Rental revenues	$	26,090		$	23,818	$	101,113		$	90,859
Recoveries		9,151			8,553		38,243			32,928
Bad debt		(541	)		590		(1,156	)		90
Total rental	$	34,700		$	32,961	$	138,200		$	123,877

11

Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2022			2021
Cash flows from operating activities:
Net income from continuing operations	$	35,800		$	10,420
Net income from discontinued operations		—			1,833
Net income		35,800			12,253
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		31,707			28,950
Amortization of deferred loan costs		1,100			1,096
Gain on sale of properties, net		(16,950	)		(266	)
Loss on disposal of assets, net		192			90
Bad debt		1,156			(90	)
Share-based compensation		1,511			5,913
Equity in earnings of real estate partnership		(239	)		(609	)
Changes in operating assets and liabilities:
Escrows and acquisition deposits		(1,504	)		(2,049	)
Accrued rents and accounts receivable		(4,331	)		704
Receivable due from related party		(530	)		(512	)
Unamortized lease commissions, legal fees and loan costs		(3,386	)		(3,259	)
Prepaid expenses and other assets		1,749			1,963
Accounts payable and accrued expenses		(2,766	)		2,663
Payable due to related party		564			872
Tenants' security deposits		358			1,154
Net cash provided by operating activities		44,431			47,040
Cash flows from investing activities:
Acquisitions of real estate		(16,992	)		(81,588	)
Acquisition of ground lease		(9,786	)		—
Additions to real estate		(13,659	)		(9,642	)
Proceeds from sales of properties		33,723			—
Net cash used in investing activities		(6,714	)		(91,230	)
Net cash provided by investing activities of discontinued operations		—			1,833
Cash flows from financing activities:
Distributions paid to common shareholders		(22,958	)		(19,320	)
Distributions paid to OP unit holders		(346	)		(331	)
Proceeds from issuance of common shares, net of offering costs		—			55,981
Payments of exchange offer costs		(335	)		(63	)
Net payments of credit facility		(16,000	)		—
Repayments of notes payable		(3,468	)		(3,261	)
Payment of loan origination costs		(3,632	)		—
Repurchase of common shares		(537	)		(691	)
Net cash provided by (used in) financing activities		(47,276	)		32,315
Net decrease in cash, cash equivalents and restricted cash		(9,559	)		(10,042	)
Cash, cash equivalents and restricted cash at beginning of period		15,914			25,956
Cash, cash equivalents and restricted cash at end of period (1)	$	6,355		$	15,914

⁽¹⁾ For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below.

12

Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

Supplemental Disclosures

(in thousands)

	Year Ended December 31,
	2022		2021
Supplemental disclosure of cash flow information:
Cash paid for interest	$	26,493	$	23,685
Cash paid for taxes	$	366	$	364
Non cash investing and financing activities:
Disposal of fully depreciated real estate	$	454	$	297
Financed insurance premiums	$	1,846	$	1,712
Value of shares issued under dividend reinvestment plan	$	67	$	60
Value of common shares exchanged for OP units	$	618	$	18
Change in fair value of cash flow hedge	$	12,925	$	7,803
Reallocation of ownership percentage between parent and subsidiary	$	—	$	(27	)
Recognition of finance lease liabilities	$	735	$	—

	December 31, 2022
	2022		2021
Cash, cash equivalents and restricted cash
Cash and cash equivalents	$	6,166	$	15,721
Restricted cash		189		193
Total cash, cash equivalents and restricted cash	$	6,355	$	15,914

13

Whitestone REIT and Subsidiaries

RECONCILIATION OF NON-GAAP MEASURES

(in thousands, except per share and per unit data)

	Three Months Ended December 31,					Year Ended December 31,
	2022			2021		2022			2021
FFO (NAREIT) AND NORMALIZED FFO
Net income attributable to Whitestone REIT	$	19,939		$	2,608	$	35,270		$	12,048
Adjustments to reconcile to FFO:(1)
Depreciation and amortization of real estate assets		8,004			7,453		31,538			28,806
Depreciation and amortization of real estate assets of real estate partnership (pro rata)(2)		404			420		1,613			1,674
Loss on disposal of assets, net		180			1		192			90
Gain on sale of properties from continuing operations, net		(16,950	)		—		(16,950	)		(266	)
Gain on sale of property from discontinued operations		—			—		—			(1,833	)
Gain on sale or disposal of properties or assets of real estate partnership (pro rata)		—			—		—			(19	)
Net income attributable to noncontrolling interests		291			40		530			205
FFO (NAREIT)		11,868			10,522		52,193			40,705
Adjustments to reconcile to Normalized FFO:
Early debt extinguishment costs		—			—		147			—
Normalized FFO	$	11,868		$	10,522	$	52,340		$	40,705
FFO PER SHARE AND OP UNIT CALCULATION
Numerator:
FFO	$	11,868		$	10,522	$	52,193		$	40,705
Normalized FFO	$	11,868		$	10,522	$	52,340		$	40,705
Denominator:
Weighted average number of total common shares - basic		49,384			49,102		49,256			45,486
Weighted average number of total noncontrolling OP units - basic		695			771		738			772
Weighted average number of total common shares and noncontrolling OP units - basic		50,079			49,873		49,994			46,258
Effect of dilutive securities:
Unvested restricted shares		742			879		694			850
Weighted average number of total common shares and noncontrolling OP units - diluted		50,821			50,752		50,688			47,108
FFO per common share and OP unit - basic	$	0.24		$	0.21	$	1.04		$	0.88
FFO per common share and OP unit - diluted	$	0.23		$	0.21	$	1.03		$	0.86
Normalized FFO per common share and OP unit - basic	$	0.24		$	0.21	$	1.05		$	0.88
Normalized FFO per common share and OP unit - diluted	$	0.23		$	0.21	$	1.03		$	0.86

⁽¹⁾ Includes pro-rata share attributable to real estate partnership.

⁽²⁾ We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2022 have not been made available to us, we have estimated depreciation and amortization of real estate assets based on the information available to us at the time of this Report.

14

Whitestone REIT and Subsidiaries

RECONCILIATION OF NON-GAAP MEASURES

(continued)

(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2022			2021			2022			2021
PROPERTY NET OPERATING INCOME
Net income attributable to Whitestone REIT	$	19,939		$	2,608		$	35,270		$	12,048
General and administrative expenses		5,003			6,589			18,066			22,625
Depreciation and amortization		8,046			7,492			31,707			28,950
Equity in earnings of real estate partnership(1)		65			(180	)		(239	)		(609	)
Interest expense		8,082			6,147			27,193			24,564
Interest, dividend and other investment income		(22	)		(13	)		(65	)		(116	)
Provision for income taxes		109			111			422			385
Gain on sale of properties from continuing operations, net		(16,950	)		—			(16,950	)		(266	)
Gain on sale of property from discontinued operations		—			—			—			(1,833	)
Management fee, net of related expenses		—			85			112			331
Loss on disposal of assets, net		180			1			192			90
NOI of real estate partnership (pro rata)(1)		594			987			3,023			3,833
Net income attributable to noncontrolling interests		291			40			530			205
NOI	$	25,337		$	23,867		$	99,261		$	90,207
Non-Same Store NOI (2)		(727	)		(623	)		(7,244	)		(3,513	)
NOI of real estate partnership (pro rata)(1)		(594	)		(987	)		(3,023	)		(3,833	)
NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata)		24,016			22,257			88,994			82,861
Same Store straight-line rent adjustments		(378	)		(238	)		(1,181	)		(1,371	)
Same Store amortization of above/below market rents		(264	)		(198	)		(949	)		(832	)
Same Store lease termination fees		(21	)		(14	)		(135	)		(280	)
Same Store NOI (3)	$	23,353		$	21,807		$	86,729		$	80,378

⁽¹⁾ We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2022 have not been made available to us, we have estimated equity in earnings and pro rata share of NOI of real estate partnership based on the information available to us at the time of this Report.

⁽²⁾ We define “Non-Same Store” as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. For purposes of comparing the three months ended December 31, 2022 to the three months ended December 31, 2021, Non-Same Store includes properties acquired between October 1, 2021 and December 31, 2022 and properties sold between October 1, 2021 and December 31, 2022, but not included in discontinued operations. For purposes of comparing the twelve months ended December 31, 2022 to the twelve months ended December 31, 2021, Non-Same Store includes properties acquired between January 1, 2021 and December 31, 2022 and properties sold between January 1, 2021 and December 31, 2022, but not included in discontinued operations.

⁽³⁾ We define “Same Store” as properties that have been owned during the entire period being compared. For purposes of comparing the three months ended December 31, 2022 to the three months ended December 31, 2021, Same Store includes properties owned before October 1, 2021 and not sold before December 31, 2022.  For purposes of comparing the twelve months ended December 31, 2022 to the twelve months ended December 31, 2021, Same Store includes properties owned before January 1, 2021 and not sold before December 31, 2022.

15

Whitestone REIT and Subsidiaries

RECONCILIATION OF NON-GAAP MEASURES

(continued)

(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2022			2021			2022			2021
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre)
Net income attributable to Whitestone REIT	$	19,939		$	2,608		$	35,270		$	12,048
Depreciation and amortization		8,046			7,492			31,707			28,950
Interest expense		8,082			6,147			27,193			24,564
Provision for income taxes		109			111			422			385
Net income attributable to noncontrolling interests		291			40			530			205
Equity in earnings of real estate partnership(1)		65			(180	)		(239	)		(609	)
EBITDAre adjustments for real estate partnership(1)		533			813			2,626			3,071
Gain on sale of properties from continuing operations, net		(16,950	)		—			(16,950	)		(266	)
Gain on sale of property from discontinued operations		—			—			—			(1,833	)
Loss on disposal of assets, net		180			1			192			90
EBITDAre	$	20,295		$	17,032		$	80,751		$	66,605

⁽¹⁾ We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2022 have not been made available to us, we have estimated equity in earnings and EBITDAre adjustments for real estate partnership based on the information available to us at the time of this Report.

Whitestone REIT and Subsidiaries

RECONCILIATION OF NON-GAAP MEASURES

Initial Full Year Guidance for 2023

(in thousands, except per share and per unit data)

	Projected Range Full Year 2023
	Low		High
FFO per diluted share and OP unit
Net income attributable to Whitestone REIT	$	14,400	$	16,500
Depreciation and amortization of real estate assets		32,228		32,228
Depreciation and amortization of real estate assets of real estate partnership (pro rata)		1,672		1,672
FFO	$	48,300	$	50,400
Dilutive shares		50,327		50,327
OP Units		738		738
Dilutive share and OP Units		51,065		51,065
Net income attributable to Whitestone REIT per diluted share	$	0.29	$	0.33
FFO per diluted share and OP Unit	$	0.95	$	0.99

16

Whitestone REIT and Subsidiaries

SAME STORE PROPERTY ANALYSIS

(in thousands)

	Three Months Ended December 31,						Increase			% Increase
	2022			2021			(Decrease)			(Decrease)
Same Store (49 properties excluding development land)
Property revenues
Rental	$	33,587		$	31,948		$	1,639			5	%
Management, transaction and other fees		217			155			62			40	%
Total property revenues		33,804			32,103			1,701			5	%
Property expenses
Property operation and maintenance		6,206			6,022			184			3	%
Real estate taxes		3,582			3,824			(242	)		(6	)%
Total property expenses		9,788			9,846			(58	)		(1	)%
Total property revenues less total property expenses		24,016			22,257			1,759			8	%
Same Store straight-line rent adjustments		(378	)		(238	)		(140	)		59	%
Same Store amortization of above/below market rents		(264	)		(198	)		(66	)		33	%
Same Store lease termination fees		(21	)		(14	)		(7	)		50	%
Same Store NOI (1)	$	23,353		$	21,807		$	1,546			7	%

⁽¹⁾     For a reconciliation of Same Store NOI, see previous section “Reconciliation of Non-GAAP Measures.”

17

Whitestone REIT and Subsidiaries

SAME STORE PROPERTY ANALYSIS

(in thousands)

	Year Ended December 31,						Increase			% Increase
	2022			2021			(Decrease)			(Decrease)
Same Store (48 properties excluding development land)
Property revenues
Rental	$	127,256		$	118,325		$	8,931			8	%
Management, transaction and other fees		842			875			(33	)		(4	)%
Total property revenues		128,098			119,200			8,898			7	%
Property expenses
Property operation and maintenance		23,226			20,427			2,799			14	%
Real estate taxes		15,878			15,912			(34	)		(0	)%
Total property expenses		39,104			36,339			2,765			8	%
Total property revenues less total property expenses		88,994			82,861			6,133			7	%
Same Store straight-line rent adjustments		(1,181	)		(1,371	)		190			(14	)%
Same Store amortization of above/below market rents		(949	)		(832	)		(117	)		14	%
Same Store lease termination fees		(135	)		(280	)		145			(52	)%
Same Store NOI (1)	$	86,729		$	80,378		$	6,351			8	%

⁽¹⁾     For a reconciliation of Same Store NOI, see previous section “Reconciliation of Non-GAAP Measures.”

18

Whitestone REIT and Subsidiaries

OTHER FINANCIAL INFORMATION

(in thousands, except number of properties and employees)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
Other Financial Information:
Tenant improvements (1) (2)	$	341	$	1,542	$	3,452	$	2,986
Leasing commissions (1) (2)	$	941	$	659	$	3,047	$	3,004
Maintenance capital (1)	$	1,757	$	872	$	3,978	$	4,968
Scheduled debt principal payments (1)	$	414	$	459	$	1,805	$	1,790
Straight-line rent income (1)	$	214	$	263	$	1,686	$	1,498
Market rent amortization income from acquired leases (1)	$	257	$	193	$	945	$	796
Non-cash share-based compensation expense (1)	$	1,055	$	1,638	$	1,510	$	5,913
Non-real estate depreciation and amortization (1)	$	43	$	39	$	170	$	144
Amortization of loan fees (1)	$	282	$	280	$	1,123	$	1,119
Undepreciated value of unencumbered properties	$	914,766	$	914,324	$	914,766	$	914,324
Number of unencumbered properties		50		53		50		53
Full time employees		75		87		75		87

⁽¹⁾ Includes pro-rata share attributable to real estate partnership.

⁽²⁾ Does not include first generation costs needed for new acquisitions, development or redevelopment of a property to bring the property to operating standards for its intended use.

19

Whitestone REIT and Subsidiaries

MARKET CAPITALIZATION AND SELECTED RATIOS

(in thousands, except per share amounts and percentages)

	As of December 31, 2022
MARKET CAPITALIZATION:	Percent of Total Equity			Total Market Capitalization			Percent of Total Market Capitalization
Equity Capitalization:
Common shares outstanding		98.6	%		49,423
Operating partnership units outstanding		1.4	%		695
Total		100.0	%		50,118
Market price of common shares as of December 31, 2022				$	9.64
Total equity capitalization				$	483,138			44	%
Debt Capitalization:
Outstanding debt				$	625,991
Less: Cash and cash equivalents					(6,166	)
Total debt capitalization					619,825			56	%
Total Market Capitalization as of December 31, 2022				$	1,102,963			100	%

SELECTED RATIOS:

	Three Months Ended						Year Ended
INTEREST COVERAGE RATIO	December 31,						December 31,
	2022			2021			2022			2021
EBITDAre/Interest Expense
EBITDAre (1)	$	20,295		$	17,032		$	80,751		$	66,605
Interest expense		8,082			6,147			27,193			24,564
Pro rata share of interest expense from real estate partnership(2)		158			160			634			644
Less: amortization of loan fees, including pro rata share from real estate partnership		(282	)		(280	)		(1,123	)		(1,119	)
Interest expense, excluding amortization of loan fees		7,958			6,027			26,704			24,089
Ratio of EBITDAre to interest expense		2.6			2.8			3.0			2.8

⁽¹⁾ For a reconciliation of EBITDAre, see previous section “Reconciliation of Non-GAAP Measures.”

⁽²⁾ We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2022 have not been made available to us, we have estimated pro rata share of interest expense and amortization of loan fees based on the information available to us at the time of this Report.

20

Whitestone REIT and Subsidiaries

MARKET CAPITALIZATION AND SELECTED RATIOS

(continued)

(in thousands, except per share amounts and percentages)

LEVERAGE RATIO	As of December 31,
	2022			2021
Debt/Undepreciated Book Value
Outstanding debt, net of insurance financing	$	625,991		$	643,613
Less: Cash		(6,166	)		(15,721	)
Add: Proportional share of net debt of real estate partnership(1)		8,112			8,200
Total Net Debt	$	627,937		$	636,092
Undepreciated real estate assets	$	1,199,041		$	1,196,919
Add: Proportional share of real estate from unconsolidated partnership(1)		46,016			46,124
Undepreciated real estate assets	$	1,245,057		$	1,243,043
Ratio of debt to real estate assets		50	%		51	%

⁽¹⁾ We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2022 have not been made available to us, we have estimated proportional share of net debt and real estate based on the information available to us at the time of this Report.

	Three Months Ended						Year Ended
	December 31,						December 31,
	2022			2021			2022			2021
Debt/EBITDAre Ratio
Outstanding debt, net of insurance financing	$	625,991		$	643,613		$	625,991		$	643,613
Less: Cash		(6,166	)		(15,721	)		(6,166	)		(15,721	)
Add: Proportional share of net debt of unconsolidated real estate partnership(1)		8,112			8,200			8,112			8,200
Total Net Debt	$	627,937		$	636,092		$	627,937		$	636,092
EBITDAre	$	20,295		$	17,032		$	80,751		$	66,605
Effect of partial period acquisitions and dispositions	$	168		$	301		$	(48	)	$	3,176
Pro forma EBITDAre	$	20,463		$	17,333		$	80,703		$	69,781
Pro forma annualized EBITDAre	$	81,852		$	69,332		$	80,703		$	69,781
Ratio of debt to pro forma EBITDAre		7.7			9.2			7.8			9.1

⁽¹⁾ We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2022 have not been made available to us, we have estimated proportional share of net debt based on the information available to us at the time of this Report.

21

Whitestone REIT and Subsidiaries

SUMMARY OF OUTSTANDING DEBT AND DEBT MATURITIES

TOTAL OUTSTANDING DEBT

(in thousands)

Description	December 31, 2022			December 31, 2021
Fixed rate notes
$100.0 million, 1.73% plus 1.35% to 1.90% Note (1)	$	—		$	100,000
$165.0 million, 2.24% plus 1.35% to 1.90% Note (1)		—			165,000
$265.0 million, 3.18% plus 1.45% to 2.10% Note, due January 31, 2028 (2)		265,000			—
$80.0 million, 3.72% Note, due June 1, 2027		80,000			80,000
$19.0 million 4.15% Note, due December 1, 2024		18,016			18,358
$20.2 million 4.28% Note, due June 6, 2023		17,375			17,808
$14.0 million 4.34% Note, due September 11, 2024		12,709			12,978
$14.3 million 4.34% Note, due September 11, 2024		13,520			13,773
$15.1 million 4.99% Note, due January 6, 2024		13,635			13,907
$2.6 million 5.46% Note, due October 1, 2023		2,236			2,289
$50.0 million, 5.09% Note, due March 22, 2029		50,000			50,000
$50.0 million, 5.17% Note, due March 22, 2029		50,000			50,000
Floating rate notes
Unsecured line of credit, LIBOR plus 1.40% to 1.90%(3)		—			119,500
Unsecured line of credit, SOFR plus 1.50% to 2.10%, due September 16, 2026		103,500			—
Total notes payable principal		625,991			643,613
Less deferred financing costs, net of accumulated amortization		(564	)		(771	)
Total notes payable	$	625,427		$	642,842

⁽¹⁾ Loan was fully paid off on September 16, 2022.

⁽²⁾ Promissory note that includes an interest rate swap that fixes the SOFR portion of the term loan at an interest rate of 2.16% through October 28, 2022, 2.76% from October 29, 2022 through January 31, 2024, and 3.32% from February 1, 2024 though January 31, 2028.

⁽³⁾ Line of credit was paid off on September 16, 2022.

SCHEDULE OF DEBT MATURITIES AS OF DECEMBER 31, 2022

(in thousands)

Year	Amount Due
2023	$	28,204
2024		63,573
2025		17,143
2026		120,643
2027		97,143
Thereafter		299,285
Total	$	625,991

22

Whitestone REIT and Subsidiaries

SUMMARY OF OCCUPANCY AND TOP TENANTS

	Gross Leasable Area as of		Occupancy % as of
Community Centered Properties®	December 31, 2022		December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Whitestone		5,060,899		94	%		92	%		91	%		91	%
Unconsolidated real estate partnership (1)		926,798		56	%		56	%		56	%		58	%

⁽¹⁾ We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2022 have not been made available to us, we have estimated gross leasable area based on the information available to us at the time of this Report.

23

Whitestone REIT and Subsidiaries

SUMMARY OF OCCUPANCY AND TOP TENANTS

(continued)

Tenant Name	Location	Annualized Rental Revenue (in thousands)		Percentage of Total Annualized Base Rental Revenues (1)			Initial Lease Date	Year Expiring
Whole Foods Market	Houston	$	2,247		2.2	%	9/3/2014		2035
Albertsons Companies, Inc. (2)	Austin, Houston and Phoenix		2,214		2.2	%	5/8/1991, 7/1/2000, 4/1/2014, 4/1/2014 and 10/19/16		2024, 2025, 2025, 2026 and 2034
Frost Bank	Houston		2,027		2.0	%	7/1/2014		2024
Newmark Real Estate of Houston LLC	Houston		1,285		1.3	%	10/1/2015		2026
Bashas' Inc. (3)	Phoenix		1,010		1.0	%	10/9/2004 and 4/1/2009		2024 and 2029
Fitness Alliance, LLC	Houston		971		1.0	%	11/29/2022		2038
Walgreens & Co. (5)	Houston and Phoenix		955		0.9	%	11/14/1982, 11/2/1987, 8/24/1996 and 11/3/1996		2027, 2027, 2049 and 2056
Verizon Wireless (4)	Houston and Phoenix		949		0.9	%	8/16/1994, 2/1/2004, 1/27/2006 and 5/1/2014		2023, 2024, 2024 and 2038
Alamo Drafthouse Cinema	Austin		740		0.7	%	2/1/2012		2031
Wells Fargo & Company (7)	Phoenix		625		0.6	%	10/24/1996 and 4/16/1999		2023 and 2027
Dollar Tree (6)	Houston and Phoenix		537		0.5	%	8/10/1999, 6/29/2001, 11/8/2009, and 12/17/2009		2025, 2025, 2026 and 2027
Total Wine	Houston		512		0.5	%	11/27/2018		2029
Paul's Ace Hardware	Phoenix		490		0.5	%	3/1/2008		2033
Kroger Co.	Dallas		483		0.5	%	12/15/2000		2027
Regus Corporation	Houston		469		0.5	%	5/23/2014		2025
		$	15,514		15.3	%

⁽¹⁾ Annualized Base Rental Revenues represents the monthly base rent as of December 31, 2022 for each applicable tenant multiplied by 12.

24

⁽²⁾ As of December 31, 2022, we had five leases with the same tenant occupying space at properties located in Phoenix, Houston and Austin. The annualized rental revenue for the lease that commenced on April 1, 2014, and is scheduled to expire in 2034, was $1,047,000, which represents approximately 1.0% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on April 1, 2014, and is scheduled to expire in 2024, was $44,000, which represents less than 0.1% of our annualized base rental revenue. The annualized rental revenue for the lease that commenced on May 8, 1991, and is scheduled to expire in 2026, was $344,000, which represents approximately 0.3% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on July 1, 2000, and is scheduled to expire in 2025, was $353,000, which represents approximately 0.3% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on October 19, 2016, and is scheduled to expire in 2025, was $425,000, which represents approximately 0.4% of our total annualized base rental revenue.

⁽³⁾ As of December 31, 2022, we had two leases with the same tenant occupying space at properties located in Phoenix. The annualized rental revenue for the lease that commenced on October 9, 2004, and is scheduled to expire in 2024, was $281,000, which represents approximately 0.3% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on April 1, 2009, and is scheduled to expire in 2029, was $729,000, which represents approximately 0.7% of our total annualized base rental revenue.

⁽⁴⁾ As of December 31, 2022, we had four leases with the same tenant occupying space at properties located in Phoenix and Houston. The annualized rental revenue for the lease that commenced on August 16, 1994, and is scheduled to expire in 2038, was $23,000, which represents less than 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on January 27, 2006, and is scheduled to expire in 2023, was $138,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on February 1, 2004, and is scheduled to expire in 2024, was $38,000, which represents less than 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on May 1, 2014, and is scheduled to expire in 2024, was $749,000, which represents approximately 0.7% of our total annualized rental revenue.

⁽⁵⁾ As of December 31, 2022, we had four leases with the same tenant occupying space at properties located in Phoenix and Houston. The annualized rental revenue for the lease that commenced on November 3, 1996, and is scheduled to expire in 2049, was $279,000, which represents approximately 0.3% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on November 2, 1987, and is scheduled to expire in 2027, was $189,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on November 14, 1982, and is scheduled to expire in 2027, was $190,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on August 24, 1996, and is scheduled to expire in 2056, was $298,000, which represents approximately 0.3% of our total annualized rental revenue.

⁽⁶⁾ As of December 31, 2022, we had four leases with the same tenant occupying space at properties in Houston and Phoenix. The annualized rental revenue for the lease that commenced on August 10, 1999, and is scheduled to expire in 2025, was $88,000, which represents less than 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on December 17, 2009, and is scheduled to expire in 2025, was $118,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on June 29, 2001, and is scheduled to expire in 2026, was $175,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on November 8, 2009, and is scheduled to expire in 2027, was $156,000, which represents approximately 0.2% of our total annualized base rental revenue.

⁽⁷⁾ As of December 31, 2022, we had two leases with the same tenant occupying space at properties located in Phoenix. The annualized rental revenue for the lease that commenced on October 24, 1996, and is scheduled to expire in 2027, was $151,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on April 16, 1999, and is scheduled to expire in 2023, was $474,000, which represents approximately 0.5% of our total annualized base rental revenue.

25

Whitestone REIT and Subsidiaries

TENANT TYPE SUMMARY

As of December 31, 2022

	% of Leased SF			% of ABR
Restaurants & Food Service		18	%		24	%
Financial Services		6	%		8	%
Grocery		12	%		8	%
Salons		7	%		8	%
Medical & Dental		7	%		8	%
General Retail		9	%		6	%
Home Décor And Improvement		7	%		5	%
Fitness		6	%		5	%
Non Retail		3	%		4	%
Education		4	%		4	%
Apparel		4	%		4	%
Pet Supply & Services		3	%		3	%
Local Services		2	%		2	%
Off-Price		4	%		2	%
Wireless		1	%		2	%
Pharmacies & Nutritional Supplies		2	%		2	%
Entertainment		2	%		2	%
Sporting Goods		1	%		1	%
Postal Services		1	%		1	%
Automotive Supply & Services		1	%		1	%
Total		100	%		100	%

26

Whitestone REIT and Subsidiaries

SUMMARY OF LEASING ACTIVITY

	Three Months Ended				Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
RENEWALS
Number of Leases		38		65		201		235
Total Square Feet (1)		83,367		209,870		558,843		648,227
Average Square Feet		2,194		3,229		2,780		2,758
Total Lease Value	$	9,679,720	$	20,697,000	$	51,787,606	$	69,473,000
NEW LEASES
Number of Leases		22		46		120		165
Total Square Feet (1)		145,413		116,266		373,686		398,473
Average Square Feet		6,610		2,528		3,114		2,415
Total Lease Value	$	27,529,508	$	17,485,000	$	66,482,996	$	62,428,000
TOTAL LEASES
Number of Leases		60		111		321		400
Total Square Feet (1)		228,780		326,136		932,529		1,046,700
Average Square Feet		3,813		2,938		2,905		2,617
Total Lease Value	$	37,209,228	$	38,182,000	$	118,270,602	$	131,901,000

⁽¹⁾ Represents the square footage as the result of new, renewal, expansion and contraction leases.

27

Whitestone REIT and Subsidiaries

SUMMARY OF LEASING ACTIVITY

Type	Number of Leases Signed		Lease Value Signed		GLA Signed		Weighted Average Lease Term (2)		TI and Incentives (3)		TI and Incentives Per Sq. Ft.		Contractual Rent Per Sq. Ft. (4)		Prior Contractual Rent Per Sq. Ft. (5)		Annual Increase (Decrease) in Contractual Rent		Cash Basis Increase (Decrease) Over Prior Rent			Annual Increase (Decrease) in Straight-lined Rent		Straight-lined Basis Increase (Decrease) Over Prior Rent
Comparable: (1)
Comparable Total Leases:
4th Quarter 2022		37	$	10,526,668		78,997		4.6	$	470,955	$	5.96	$	26.05	$	22.56	$	275,730		15.5	%	$	412,069		23.5	%
3rd Quarter 2022		54		11,342,359		124,407		3.4		385,718		3.10		23.80		21.87		240,427		8.8	%		495,095		19.2	%
2nd Quarter 2022		63		17,593,088		191,368		4.4		596,616		3.12		20.72		19.03		324,270		8.9	%		596,073		17.4	%
1st Quarter 2022		66		17,848,053		190,078		4.6		653,527		3.44		19.08		18.57		96,350		2.7	%		345,345		10.1	%
Total - 12 months		220	$	57,310,168		584,850		4.3	$	2,106,816	$	3.60	$	21.56	$	19.96	$	936,777		8.0	%	$	1,848,582		16.6	%
Comparable New Leases:
4th Quarter 2022		6	$	3,190,894		18,125		6.1	$	304,516	$	16.80	$	26.05	$	23.32	$	49,431		11.7	%	$	99,512		24.3	%
3rd Quarter 2022		13		3,496,947		24,745		5.4		139,204		5.63		25.87		25.09		19,221		3.1	%		95,179		16.5	%
2nd Quarter 2022		10		2,075,522		17,848		4.4		163,749		9.17		25.55		24.38		21,009		4.8	%		62,963		15.6	%
1st Quarter 2022		14		4,936,115		26,663		7.5		479,932		18.00		24.72		23.10		43,268		7.0	%		77,077		12.7	%
Total - 12 months		43	$	13,699,478		87,381		6.0	$	1,087,401	$	12.44	$	25.49	$	23.97	$	132,929		6.3	%	$	334,731		16.8	%
Comparable Renewal Leases:
4th Quarter 2022		31	$	7,335,774		60,872		4.1	$	166,439	$	2.73	$	26.05	$	22.34	$	226,299		16.6	%	$	312,557		23.2	%
3rd Quarter 2022		41		7,845,412		99,662		2.9		246,514		2.47		23.29		21.07		221,206		10.5	%		399,916		20.0	%
2nd Quarter 2022		53		15,517,566		173,520		4.4		432,867		2.49		20.22		18.48		303,261		9.5	%		533,110		17.6	%
1st Quarter 2022		52		12,911,938		163,415		4.2		173,595		1.06		18.16		17.84		53,082		1.8	%		268,268		9.6	%
Total - 12 months		177	$	43,610,690		497,469		4.0	$	1,019,415	$	2.05	$	20.87	$	19.26	$	803,848		8.4	%	$	1,513,851		16.5	%

28

Whitestone REIT and Subsidiaries

SUMMARY OF LEASING ACTIVITY

(continued)

Type	Number of Leases Signed		Lease Value Signed		GLA Signed		Weighted Average Lease Term (2)		TI and Incentives (3)		TI and Incentives per Sq. Ft.		Contractual Rent Per Sq. Ft. (4)
Total:
New & Renewal
4th Quarter 2022		60	$	37,209,228		228,780		7.6	$	5,312,306	$	23.22	$	20.95
3rd Quarter 2022		86		28,986,598		219,272		6.4		2,147,231		9.79		22.22
2nd Quarter 2022		90		29,101,085		268,394		5.1		1,683,308		6.27		20.67
1st Quarter 2022		85		22,973,692		216,083		4.6		934,795		4.33		20.33
Total - 12 months		321	$	118,270,603		932,529		5.9	$	10,077,640	$	10.81	$	21.02
New
4th Quarter 2022		22	$	27,529,508		145,413		9.8	$	5,035,709	$	34.63	$	17.56
3rd Quarter 2022		35		16,708,083		93,989		9.4		1,605,992		17.09		20.34
2nd Quarter 2022		34		12,996,051		90,581		6.6		1,209,828		13.36		21.43
1st Quarter 2022		29		9,249,355		43,703		6.3		750,901		17.18		27.75
Total - 12 months		120	$	66,482,997		373,686		8.5	$	8,602,430	$	23.02	$	20.39
Renewal
4th Quarter 2022		38	$	9,679,720		83,367		3.7	$	276,597	$	3.32	$	26.84
3rd Quarter 2022		51		12,278,515		125,283		4.0		541,239		4.32		23.63
2nd Quarter 2022		56		16,105,034		177,813		4.4		473,480		2.66		20.28
1st Quarter 2022		56		13,724,337		172,380		4.1		183,894		1.07		18.45
Total - 12 months		201	$	51,787,606		558,843		4.1	$	1,475,210	$	2.64	$	21.45

(1)	Comparable leases represent leases signed on spaces for which there was a former tenant within the last twelve months and the new or renewal square footage was within 25% of the expired square footage.
(2)	Weighted average lease term is determined on the basis of square footage.
(3)	Estimated amount per signed lease. Actual cost of construction may vary.
(4)	Contractual rent represents contractual minimum rent under the new lease for the first month, excluding concessions.
(5)	Prior contractual rent represents contractual minimum rent under the prior lease for the final month.

29

Whitestone REIT and Subsidiaries

LEASE EXPIRATIONS⁽¹⁾

								Annualized Base Rent(2)
			Gross Leasable Area					as of December 31, 2022
Year	Number of Leases		Square Feet		Percent of Gross Leasable Area			Amount (in thousands)		Percent of Total			Per Square Foot
2023		444		724,986		14.3	%	$	14,921		14.6	%	$	20.58
2024		223		796,603		15.7	%		17,128		16.7	%		21.50
2025		230		833,840		16.5	%		16,408		16.0	%		19.68
2026		156		526,397		10.4	%		11,764		11.5	%		22.35
2027		175		585,685		11.6	%		13,087		12.8	%		22.34
2028		87		359,257		7.1	%		7,674		7.5	%		21.36
2029		44		243,194		4.8	%		5,114		5.0	%		21.03
2030		30		90,498		1.8	%		2,822		2.8	%		31.18
2031		25		127,524		2.5	%		3,458		3.4	%		27.12
2032		27		119,566		2.4	%		2,743		2.7	%		22.94
Total		1,441		4,407,550		87.1	%	$	95,119		93.0	%	$	21.58

⁽¹⁾ Lease expirations table reflects rents in place as of December 31, 2022, and does not include option periods.

⁽²⁾ Annualized Base Rent represents the monthly base rent as of December 31, 2022 for each tenant multiplied by 12.

30

Whitestone REIT and Subsidiaries

Property Details

As of December 31, 2022

		Year Built/	Gross Leasable		Percent Occupied at			Annualized Base Rental Revenue		Average Base Rental Revenue Per		Average Net Effective Annual Base Rent Per Leased
Community Name	Location	Renovated	Square Feet		12/31/2022			(in thousands) (1)		Sq. Ft. (2)		Sq. Ft.(3)
Whitestone Properties:
Ahwatukee Plaza	Phoenix	1979		72,650		81	%	$	816	$	13.87	$	17.28
Anderson Arbor	Austin	2001		89,746		99	%		2,007		22.59		24.83
Anthem Marketplace	Phoenix	2000		113,293		89	%		1,597		15.84		15.78
Anthem Marketplace Phase II	Phoenix	2019		6,853		100	%		241		35.17		33.85
BLVD Place	Houston	2014		216,944		97	%		9,124		43.36		44.03
The Citadel	Phoenix	2013		28,547		94	%		514		19.15		19.01
City View Village	San Antonio	2005		17,870		100	%		573		32.06		31.28
Dana Park Pad	Phoenix	2002		12,000		100	%		321		26.75		28.92
Davenport Village	Austin	1999		128,934		99	%		3,653		28.62		27.99
Eldorado Plaza	Dallas	2004		219,287		100	%		3,524		16.07		16.18
Fountain Hills	Phoenix	2009		111,289		94	%		1,708		16.33		16.24
Fountain Square	Phoenix	1986		118,209		91	%		1,913		17.78		17.45
Fulton Ranch Towne Center	Phoenix	2005		120,575		97	%		2,257		19.30		19.05
Gilbert Tuscany Village	Phoenix	2009		49,415		100	%		1,053		21.31		20.84
Heritage	Dallas	2006		70,431		96	%		1,639		24.24		24.20
HQ Village	Dallas	2009		89,134		97	%		2,656		30.72		30.79
Keller Place	Dallas	2001		93,541		95	%		1,031		11.60		11.48
Kempwood Plaza	Houston	1974		91,302		95	%		1,303		15.02		16.05
La Mirada	Phoenix	1997		147,209		92	%		3,368		24.87		25.09
Lakeside Market	Dallas	2000		162,649		91	%		3,773		25.49		26.38
Las Colinas	Dallas	2000		104,919		96	%		2,914		28.93		29.52
Lion Square	Houston	1980		117,592		98	%		1,951		16.93		19.74
The MarketPlace at Central	Phoenix	2012		111,130		99	%		1,153		10.48		9.99
Market Street at DC Ranch	Phoenix	2003		244,888		99	%		5,684		23.45		25.30
Mercado at Scottsdale Ranch	Phoenix	1987		118,730		94	%		1,828		16.38		16.46
Paradise Plaza	Phoenix	1983		125,898		92	%		1,566		13.52		13.58
Parkside Village North	Austin	2005		27,045		100	%		879		32.50		31.76
Parkside Village South	Austin	2012		90,101		100	%		2,571		28.53		28.90
Pinnacle of Scottsdale	Phoenix	1991		113,108		97	%		2,591		23.62		23.08
Pinnacle Phase II	Phoenix	2017		27,063		100	%		859		31.74		30.41
The Promenade at Fulton Ranch	Phoenix	2007		98,792		79	%		1,167		14.95		13.94
Providence	Houston	1980		90,327		96	%		1,161		13.39		13.24
Quinlan Crossing	Austin	2012		109,892		95	%		2,604		24.94		26.03
Seville	Phoenix	1990		90,042		93	%		2,806		33.51		33.39
Shaver	Houston	1978		21,926		94	%		356		17.27		17.22
Shops at Pecos Ranch	Phoenix	2009		78,767		100	%		1,948		24.73		25.20
Shops at Starwood	Dallas	2006		55,385		100	%		1,818		32.82		33.46
The Shops at Williams Trace	Houston	1985		132,991		95	%		2,257		17.86		19.70
Spoerlein Commons	Chicago	1987		41,455		98	%		736		18.12		19.20
Starwood Phase II	Dallas	2016		35,351		90	%		1,215		38.19		35.86
The Strand at Huebner Oaks	San Antonio	2000		73,920		100	%		1,808		24.46		24.30
SugarPark Plaza	Houston	1974		95,032		97	%		1,324		14.36		14.93
Sunridge	Houston	1979		49,359		73	%		600		16.65		16.76
Sunset at Pinnacle Peak	Phoenix	2000		41,530		96	%		809		20.29		20.22
Terravita Marketplace	Phoenix	1997		102,733		99	%		1,454		14.30		13.94
Town Park	Houston	1978		43,526		96	%		1,005		24.05		24.77
Village Square at Dana Park	Phoenix	2009		323,026		85	%		6,410		23.35		24.72
Westchase	Houston	1978		44,398		87	%		621		16.08		16.21

31

Whitestone REIT and Subsidiaries

Property Details

As of December 31, 2022

		Year Built/	Gross Leasable	Percent Occupied at			Annualized Base Rental Revenue		Average Base Rental Revenue Per		Average Net Effective Annual Base Rent Per Leased
Community Name	Location	Renovated	Square Feet	12/31/2022			(in thousands) (1)		Sq. Ft. (2)		Sq. Ft.(3)
Williams Trace Plaza	Houston	1983	129,222		91	%		2,539		21.59		22.14
Windsor Park	San Antonio	2012	196,458		97	%		2,005		10.52		10.82
Woodlake Plaza	Houston	1974	106,169		60	%		1,049		16.47		15.92
Total/Weighted Average - Whitestone Properties			5,000,653		94	%		100,759		21.44		21.89
Development Properties:
Lake Woodlands Crossing	Houston	2018	60,246		89	%		1,614		30.10		32.45
Total/Weighted Average - Development Properties			60,246		89	%		1,614		30.10		32.45
Land Held for Development:
BLVD Phase II-B	Houston	N/A	—		—	%		—		—		—
Dana Park Development	Phoenix	N/A	—		—	%		—		—		—
Eldorado Plaza Development	Dallas	N/A	—		—	%		—		—		—
Fountain Hills	Phoenix	N/A	—		—	%		—		—		—
Market Street at DC Ranch	Phoenix	N/A	—		—	%		—		—		—
Total/Weighted Average - Land Held For Development (4)			—		—	%		—		—		—
Grand Total/Weighted Average - Whitestone Properties			5,060,899		94	%	$	102,373	$	21.52	$	21.99
Properties owned in Unconsolidated Real Estate Partnership (81.4% ownership)(5):
9101 LBJ Freeway	Dallas	1985	125,874		50	%	$	1,194	$	18.97	$	18.43
Corporate Park Northwest	Houston	1981	174,359		73	%		1,805		14.18		14.02
Corporate Park Woodland II	Houston	2000	14,344		83	%		201		16.88		17.22
Holly Hall Industrial Park	Houston	1980	90,000		57	%		394		7.68		7.56
Holly Knight	Houston	1984	20,015		86	%		384		22.31		21.84
Interstate 10 Warehouse	Houston	1980	151,000		6	%		68		7.51		7.51
Uptown Tower	Dallas	1982	253,981		62	%		3,854		24.47		23.97
Westgate Service Center	Houston	1984	97,225		83	%		700		8.67		8.19
Total/Weighted Average - Unconsolidated Properties			926,798		56	%	$	8,600	$	16.57	$	16.22

⁽¹⁾ Calculated as the tenant’s actual December 31, 2022 base rent (defined as cash base rents including abatements) multiplied by 12. Excludes vacant space as of December 31, 2022. Because annualized base rental revenue is not derived from historical results that were accounted for in accordance with generally accepted accounting principles, historical results differ from the annualized amounts. Total abatements for leases in effect as of December 31, 2022 equaled approximately $249,000 for the month ended December 31, 2022.

⁽²⁾ Calculated as annualized base rent divided by leased square feet as of December 31, 2022.

⁽³⁾ Represents (i) the contractual base rent for leases in place as of December 31, 2022, adjusted to a straight-line basis to reflect changes in rental rates throughout the lease term and amortize free rent periods and abatements, but without regard to tenant improvement allowances and leasing commissions, divided by (ii) square footage under commenced leases of December 31, 2022.

⁽⁴⁾ As of December 31, 2022, these parcels of land were held for development and, therefore, had no gross leasable area.

⁽⁵⁾ We rely on reporting provided to us by our third-party partners for financial information regarding the Company's investment in Pillarstone OP. Because Pillarstone OP financial statements as of December 31, 2022 have not been made available to us, we have estimated information above based on the information available to us at the time of this Report.

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